North America

Insurance broker Marsh announced on Wednesday that it met with U.S. officials in order to discuss solutions for restoring the maritime trade amid the escalating conflict in 'the Middle East. This waterway is a crucial chokepoint between Iran & Oman and transports about a fifth (or a fifth of the global trade in crude oil & liquefied gas). The shipping through the Strait has been slowed down significantly after Iranian attacks on commercial vessels. This raises concerns about a prolonged disruption of global energy supplies. Marsh, who helped establish an international insurance facility for Ukrainian commerce in 2023, welcomed a...

Senators have been informed that U.S. officials are to give a classified briefing to key senators on Wednesday, following two incidents in Texas with 'government drones' which prompted the Federal Aviation Administration (FAA) to close 'airspace? for airplanes. The U.S. Military shot down an unintentional government drone on February 25, using a laser-based system to combat drones. This prompted the FAA, who oversees flight restrictions around Fort Hancock in Texas, to extend this area. The FAA announced on February 18 that it would halt all flights at El Paso Airport, Texas for 10 days. However, the FAA reversed course after...

MSC, world's largest ocean container carrier, announced on Tuesday that all cargo bound for Gulf ports will be unloaded at the nearest safe seaport, due to the ongoing hostilities between the United States and Israel. Israeli and U.S. attacks on Iran. MSC, based in Geneva, said that the "End of Voyage Declaration" also applies to containers which have been loaded with cargo but are empty and intended to be exported to ports in the Gulf. MSC announced that a mandatory surcharge $800 per container would be applied to all affected shipments?without exception' to cover deviation costs. The company stated that...

According to an advisory published on Tuesday, London's marine insurers have widened their high-risk area in the Gulf as the conflict rages in the Middle East. Underwriters closely follow the Joint War Committee's guidance, which is comprised of syndicate members and representatives of the London Insurance Company Market. In a statement, the JWC declared that waters surrounding Bahrain, Djibouti Kuwait, Oman, and Qatar were high-risk zones. In a statement by the committee's secretary Neil Roberts, the JWC decided to review the areas during a meeting held on Monday. "In light of recent events", Roberts stated. He also added that these...

Financial Times reported that a consortium backed by BlackRock is pushing for the completion of its 'acquisition' of CK - Hutchison’s global ports business? without two terminals located in Panama after the authorities seized these assets. The report cited people who were familiar with the negotiations as saying that the Swiss-Italian Mediterranean Shipping Company and the U.S. listed asset manager are'said to be in discussions with CK Hutchison about?buying 41 ports throughout Europe, Southeast Asia, and the Middle East. Could not immediately verify the report. BlackRock, MSC - and CK Hutchison - did not respond to a request for comment....

Investors bet on the short-term disruption of oil supplies in the Middle East. This optimism, however, may not be justified. The oilfields in the Gulf have escaped damage so far, but the inability to ship fuel out is straining the global energy system. Each day of disruption increases pressure on both?producers?and?consumers?, causing bottlenecks in the Middle East for exporters?and?deepening shortages elsewhere for buyers? The oil prices rose by more than 10% on Monday, reaching the highest level in over a decade. They then fell back to $79. This was a reaction to the extensive U.S.-Israeli airstrikes on Iran that took...

'A United Airlines flight landed on an emergency landing Monday - shortly after departing Los Angeles - due to an engine problem. The Federal Aviation Administration reported that passengers had to disembark on a taxiway. The 'FAA reported that United Airlines Flight 2127, which was bound for Newark Liberty International Airport, returned safely to Los Angeles at around 2:20 p.m. ET. After lifting the ground stop, the FAA said that there would still be arrival delays up to 30 mins. CBS Los Angeles reported that fire crews appeared?to hose off the left engine of the car and a video posted...

Two maritime security sources reported that the U.S. flagged Stena Imperative, a 'products tanker', was struck by two unknown projectiles early on Monday morning in the port of Bahrain, causing an onboard fire, which was put out. Vanguard, a British maritime risk management company, said that the vessel was struck at 0257 GMT. Vanguard said that all crew members were'safe' and had evacuated the vessel. The first U.S. flagged vessel has been damaged since U.S. airstrikes and Israeli strikes began against Iran on?Saturday. This led to heavy retaliatory actions by Tehran, including attacks on Gulf?countries as well as Israel. Stena...

Israeli military reported 'on Monday that the launch of projectiles from Lebanon resulted in sirens sounding in several areas in northern Israel. This was the first time since U.S.-Israeli strikes against Iran, that such a launch had occurred from Lebanese soil. Israel -and Lebanon -agreed to a U.S. mediated ceasefire in 2024. This ended more than a year's worth of fighting between Israel and the Lebanese militant Hezbollah, which culminated with Israeli strikes that weakened the Iran-backed group. The sides have been exchanging accusations about violations since then. Hezbollah has not yet commented on the reported launch in Lebanon. Shi'ite...

Aviation sources said that four people were hurt in an attack on the international airport of Dubai overnight. Dubai's media office stated on X, "a concourse in Dubai International (DXB), sustained minor damages in an incident that was quickly contained," but did not provide any further details. Aviation sources said that one terminal at the airport, which is normally one of world's busiest hubs for aviation, was damaged in an overnight Iranian attack, which authorities publicly called an "incident." Sources also confirmed that Abu?Dhabi Airport International was hit. The sources did not specify whether or not the two airports were...

Greg Abel, the new chief executive of Berkshire Hathaway, has written his first annual shareholder letter on Saturday. He pledged to maintain the "fortress"-like balance sheet, and to uphold the values set by his mentor and predecessor, Warren Buffett. Abel, who is 63 years old, said that he would not rush to use Berkshire's nearly record $373.3 billion in cash, even though he claimed it provided the company with plenty of "dry power" and he did not plan to start paying dividends. Buffett was also against this. Berkshire has not repurchased its own stock since spring 2024. Abel wrote an...

Greg Abel, the new Berkshire Hathaway chief executive, pledged to 'put his stamp on the company with a 'fortress-like balance sheet, while maintaining the values of Warren Buffett, his mentor and predecessor. Abel, who is 63 years old, stated that he will not rush to use Berkshire Hathaway's near record $373.3 billion in cash, even though the stake gives the company a lot of "dry-powder." He also said he has no plans to start paying dividends. Buffett was against this as well. Berkshire also hasn't repurchased any of its own shares since the spring of 2024. Abel wrote: "I understand...

The U.S. Postmaster General David Steiner said in an interview that the Postal Service will hire restructuring advisers to address its mounting financial problems. In December, we reported that Steiner believed the Postal Service would run out of cash as soon as 2027. USPS reported net losses of approximately $120 billion between 2007 and now as the volume of first-class mail has dropped to its lowest level since late 1960s. Steiner stated that USPS engaged consulting firm Alvarez & Marsal to assist with planning for any scenario. Steiner said on Thursday that if we don't change anything, "we will run...

Friends began texting him to congratulate him the day after the U.S. Supreme Court ruled against the tariffs which had cost Day?Owl, a backpack company owned by Ian Rosenberger, tens and thousands of dollars. He did not share their joy. Rosenberger said, "I can't imagine any way that I could get the?money back." His Pittsburgh-based firm, which had only a few million dollars of sales, probably couldn't afford to pay for attorneys' fees. Around 2,000 companies have filed lawsuits for refunds at the U.S. Court of International Trade. This includes?FedEx?,?Costco?, and L'Oreal?, with many more likely to follow. The Supreme...

Italy's tax authorities announced on Tuesday that they had seized 27,4 million euros ($31.8 million) from two French units of CEVA Logistics. This is a new chapter in investigations into alleged tax fraud, and illegal labor practices. This move, which targets the French multinational known for its partnership in Ferrari's F1 Team, is similar to other actions taken against Italian logistics and delivery companies, such as FedEx, DHL, Amazon, etc. Milan prosecutors accuse CEVA of issuing fake invoices in order to?mask cheap labour, bypassing labour laws and tax laws and avoiding?taxes and social security payments. CEVA Logistics?did not immediately respond?...

Importers are rushing to a U.S. trade court that is little known to get their share of the more than $130 billion of tariff refunds. The court must now decide how to handle what will be an explosion in cases. According to court records, multinationals like FedEx,?L'Oreal, and hundreds of smaller firms have filed around 2,050?lawsuits with the U.S. Court of International Trade, Manhattan, seeking refunds on?tariffs? imposed by President Donald Trump last year. These cases may be just the tip of the iceberg. The tariffs, which were declared illegal by the Supreme Court in February 2018, were levied against...

A?U.S. A?U.S. The U.S. Court of Appeals, Federal Circuit, issued a single-page order granting importers' motion to return the case?to the Trade Court where it was originally filed in early 2025. The Trump administration opposed the motion, saying it wanted to delay the case for up to 4 months so that it could 'consider its options. The Supreme Court ruled on February 20, 2019 that Trump's tariffs, imposed as part of an economic emergency law, were invalid. The Supreme Court gave no guidance on how to refund the money paid by more than 300,000 imported goods. Trump also said that...

FedEx was sued in federal court on behalf of customers who were seeking refunds after the U.S. Supreme Court decided this month that President Donald Trump had illegally imposed emergency tariffs worth billions of dollar on imported goods. The proposed class-action in federal court in Miami Florida seeks compensation for potentially millions of shippers that paid import duties and other fees on products they claim?should've entered the United States without duty. FedEx issued a statement Friday saying: "If FedEx receives refunds, we will refund the shippers or consumers who initially incurred these charges." The lawsuit filed on Friday alleged that...

These are the 'top stories' on the New York Times 'business?pages. These stories have not been?verified? and we cannot vouch for the accuracy of these reports. Netflix withdraws its $83 Billion bid for Warner Bros. Discovery has cleared the way for Paramount Skydance to make an $111 billion bid?to take control of Hollywood giant Warner Bros. Jack Dorsey, CEO of Twitter, says that new AI tools will make smaller teams more effective. This is one of the biggest AI-driven job cuts in tech history. FedEx has announced that it will refund any tariffs ordered by a court to its customers....

FedEx must explain to the public how it plans to 'pass on any tariff rebates,' said U.S. Treasury Sec.?Scott Bessent after the global shipping firm sued for a refunded of emergency import duties ruled illegitimate by the U.S.?Supreme?Court. Bessent also questioned FedEx Chief Raj Subramaniam in an interview with NBC News on Tuesday evening, but provided no evidence that any wrongdoing had occurred. FedEx is a member of this business group, as are scores of other U.S. firms. FedEx filed suit in the U.S. Court of International Trade on Monday seeking a refund following a ruling by the Supreme Court...

Court filings show that the French beauty group L'Oreal, British vacuum'manufacturer Dyson, and contact 'lens manufacturer Bausch + Lomb are the 'latest' corporations to sue the U.S. government for refunds on tariffs paid as part of President Donald Trump's trade emergency measures. This comes days after the U.S. Supreme Court ruled these duties illegal. These cases were filed in the U.S. Court of International Trade on Monday, joining a long list of prominent companies that have sued since Friday's landmark decision. Sol de Janeiro, a U.S. skincare company and fragrance company and global transportation company FedEx also filed complaints in...

?French beauty company L'Oreal, British vacuum maker Dyson, and contact lens manufacturer?Bausch + Lomb are the 'latest' corporations to file a lawsuit for'refunds' of tariffs paid as part of President Donald Trump's trade emergency measures. This comes days after the U.S. Supreme Court ruled that the duties were illegal. These cases were filed in the U.S. Court of International Trade on Monday, joining a long list of notable companies that have sued following Friday's landmark decision. This week, the global transportation company FedEx as well as U.S. skincare company Sol 'de Janeiro filed complaints. Court documents reveal that more than...

The demand for its customs brokerage services helped Expeditors international of Washington to report a profit and revenue in the fourth quarter that exceeded Wall Street expectations. Customs clearance costs have increased as businesses adjust to new tariff rules and comply with compliance requirements. This has boosted demand for brokerage companies like Expeditors and driven up the cost of customs clearance. The demand for customs brokers remained high, reflecting the complexity of the work and the volume. CEO Daniel Wall added that the company planned to increase investments in technology including AI-driven tools to improve efficiency. Wall said that in...

These are the most popular stories from the Wall Street Journal. The Wall Street Journal has not verified the accuracy of these stories. FedEx has filed a lawsuit against the U.S. Government, requesting a refund of all trade duties it paid as a result of President Donald Trump’s tariffs that were enacted in 2018. Todd Snyder,?the administrator winding up Do Kwon’s Terraform Labs, has sued Jane?Street. He claims that the high-speed?trading giant engaged in illegal insider?trading and, ultimately, hastened the collapse of the crypto empire. The bankrupt auto parts supplier First Brands Group has not been able to secure financing...